Grain Markets Find Their Footing
Posted: July 13, 2023, 7:49 a.m.
6-10 Day Weather OutlookThe most recent 6-10 day outlook shows near normal temperatures for much of the Cornbelt with near normal levels of precipitation. |
 |
 |
|
|
CornTechnicals (December)December corn futures broke lower following yesterday's USDA report, closing at their lowest level since October 2021. In our opinion, the report was not as bearish as you would think, if you were just looking at quotes. Sure yield came in about a bushel above expectations, but the fact that the USDA adjusted yield at all let alone 4 bushels is a step in the right direction. Soybeans on the other hand saw a much more bearish report which we believe may have spilled into weakness for corn. Wheat didn't do offer any favors either. Previous support is now resistance, the Bulls want to reclaim ground above 485-490 to have a shot at carving out a near term low. A failure to do so keeps the Bears in the driver's seat. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 506-510****, 518-525 3/4***, 540 1/2-545 ** Pivot: 485-490 Support: 476**, 460-465**** |
 |
|
|
Soybeans |
Technicals (November)November soybean futures were firm in yesterday's early morning trade, but rolled out of bed following the release of the USDA report. A significant increase in new crop carryout was the catalyst. Beans are recovering in the overnight and early morning trade which is encouraging. Weather is going to be hugely important in the coming weeks, which may keep some premium in the market. First support from 1324-1332 3/4 was tested and has held. This keeps the Bulls in the driver's seat for the time being. A break and close below the pocket could turn the tide. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 1390-1400***, 1427 3/4*** Pivot: 1340-1350 Support: 1324-1332 3/4***, 1291-1300**** |
 |
WheatTechnicals (September) Wheat futures took out support from 636-639 yesterday which spilled into weakness overnight. The market is attempting to make a recovery from the overnight lows, trading back into positive territory at the time of writing this. Previous support is now resistance, the Bulls want to see a close back above the 636-639 pocket to negate yesterday's breakdown. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 654-661***, 676-680**** Pivot: 636-639 Support: 623-625*** |
 |
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Start Trading with Blue Line Futures
Don't have an account with Blue Line Futures?
Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial